Goliath Announces Amended Property Agreements Completed

TORONTO, April 29, 2020 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (Frankfurt: B4IE) (the “Company” or “Goliath”) is pleased to announce that the previously announced transaction (please see our press release of April 14, 2020) with the J2 Syndicate has closed. An aggregate of 3.9 million units have been issued at deemed price of $0.10 to members of the J2 Syndicate in lieu of future property payments up to $390,000, which are subject to a four (4) month plus one day restriction on trading. The units consist of one common share and one common share purchase warrant, each warrant entitling the holder to purchase one common share at an exercise price of $0.15 for a five year period from the date of issuance.
In addition, the Company will be obligated to pay in respect of each property, a resource bonus to the members of the J2 Syndicate as and when a technical report made pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects shows mineral reserves (proven and probable categories) and mineral resources (measured, indicated and inferred categories) on each property of at least 2,000,000 gold equivalent ounces consisting of: i) an aggregate of 10,000,000 Goliath shares per property (for a total of 20,000,000 shares); and ii) a cash bonus of US $1 million and an additional US $1 for every gold equivalent ounce over 2,000,000 gold equivalent ounces of such property.For more information please contact:Goliath Resources Limited
Mr. Roger Rosmus
President and Chief Executive Officer
Tel: +1-416-488-2887 x222
[email protected]
General DisclaimerGoliath Resources Limited “Goliath” has taken all reasonable care in producing and publishing information contained in this news release and will endeavor to do so on a periodic basis. Material in this news release may still contain technical or other inaccuracies, omissions, or typographical errors, for which Goliath assumes no responsibility. Goliath does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances, including, but not limited to, negligence, shall Goliath be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material from this news release. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained our express written permission.Forward-Looking StatementsThis news release contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.
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